It's just the beginning for Spenda!, page-1063

Just to add some facts to the calculations & conversation.

The 2021 Capricorn Annual report states:

• 2500 members per annum
• Annual turnover of each member - $978,000 per annum
• Total annual turnover of Capricorn co-op members - ~$2.5 Billion per annum.

If we do use 0.5% transaction to be netted by SPX, for say only 20% of Capricorn's turnover - that equals $25M per annum. Using the net percentage (via Warnies calc) and a conservative percentage of the turnover reported in Capricorn's own report, that is just the maths.

Don't have a view if that's good or bad - just using those assumptions, it is what it is.

Before I go, I am not saying that will be, or the Capricorn arrangement will come to fruition, or even that I know the assumptions will play out as facts.

But not knowing if this is going to happen is the inherent risk being invested in here, and why we are a 2c company at present.

EB